Global naval vessel engines market is expected to grow at a CAGR of 4.42% to reach a total of US$708 Million by 2027. Cumulatively, the market is anticipated to value US$6.4 Billion over the forecast period.

Naval warfare has witnessed a paradigm shift globally, with an increasing trend towards the decentralization of naval attacks, whereby capabilities are distributed around smaller vessels in addition to larger platforms such as aircraft carriers and destroyers in order to make them more secure against an enemy attack. This has motivated governments around the world to spend on smaller surface combatants capable of operating in littoral waters, along with advanced weapons and communication systems to enable these ships to perform multiple missions.

Demand for naval vessel engines will be driven by high expenditure by emerging economies in Asia-Pacific, namely India and China in the procurement of naval vessels. The North American region is expected to maintain strong growth over the forecast period. Naval vessel engines market is split into three segments: gas turbines, nuclear reactors, and diesel engines. During the forecast period, gas turbines are expected to account for the largest share of spending, accounting for 48.8% of the overall global market. Spending in this segment will be largely driven by procurement programs in the Asia-Pacific region, followed by investments in North America, Europe, and the Middle East.

Naval vessel engines market will be led by Asia-Pacific with a share of 44.8% over the forecast period, followed by North America with a share of 32.4% and Europe with 17.9%. The Middle Eastern market is expected to account for 2.2% of the global naval vessel engines market, followed by the Latin American and African markets with shares of 2.0% and 0.7%, respectively.

China is the largest spender in the Asia-Pacific market for naval vessel engines. Overall, Asia-Pacific will spend US$2.9 Billion on programs related to the market during the forecast period. North America represents the second-largest market, with its total budget for naval vessel engines valued at US$2.1 Billion over the forecast period.

Scope

Global Naval Vessel Engines Market is projected to register a CAGR of 4.42% over 2017-2027

In terms of categories, the Gas turbines segment is anticipated to account for the largest share of expenditure globally, with a market share of 48.8% followed by the nuclear reactors and diesel engines, with shares of 27.1% and 24.1%, respectively

Asia-Pacific is analyzed to dominate the global naval vessel engines market with a share of 44.8%, followed by North America and Europe, with shares of 32.4% and 17.9%, respectively

Key Topics Covered:

Executive Summary

Global Naval Vessel Engines Market - Overview

Market Dynamics

Demand Drivers: Analysis of factors that trigger spending within the sector